Friday, September 19, 2014

News: Parkgate 100% let

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Parkgate Shopping, the popular Rotherham retail destination, is 100% let but the closure of the large Kiddicare store has left a large whole in the portfolio of leading stores.

Owned by Hercules Unit Trust(HUT), which is advised by British Land and managed by Schroders, Parkgate Shopping is one of the largest retail parks in the UK, home to over 40 shops and attracting around seven million visitors a year. It is valued at over £100m to the trust via a subsidiary, the Rotherham Unit Trust.

As Rothbiz reported first, discount retailer, Poundland, has opened a 9,900 sq ft unit and Wilkinson, the value general merchandise retailer, recently took over the 20,000 sq ft, former Comet store.

British Land has now revealed that both retailers have taken ten year leases. Smith Young and Cushman & Wakefield acted for HUT.

Matthew Reed, senior asset manager for British Land, said: "We are delighted that Parkgate Shopping is now fully let, demonstrating the scheme's appeal to a broad range of occupiers. The addition of Wilko and Poundland enhances the attraction of the park, delivers more brands to our shoppers, and helps drive footfall."

The recent lettings follow on from Nike Factory Store and fashion retailers, USC & Blue Inc opening new stores.

In contrast, one of the largest units on the park, the 45,000 sq ft store occupied by Kiddicare, the retailer of baby products, recently closed. The award-winning online retailer was acquired by Morrisons in 2011 for £70m and was the first step in developing the Morrisons online business. However, the business was sold earlier this year for £2m to Endless LLP, a leading investor in non-core acquisitions, who promptly closed all but the original store.

Morrisons retains the leases in the former Best Buy stores and recently said that it is currently working to dispose of ten store leases.

The small Phones4u store also closed as the retailer entered administration this month.

Future plans at Parkgate, which is coming under threat from new out of town developments at nearby Great Eastern Way and at Cortonwood, include a new 4,000 sq ft Nando's restaurant to replace the current Pizza Hut.

Parkgate Shopping website

Images: British Land

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